Global emissions set to fall 8% due to Coronavirus lockdown

Energy and oil demand around the world has fallen.

By Matt Maynard · 1st May 2020

According to the International Energy Agency, global emissions will fall by a record 8% due to the coronavirus lockdown.

With a great deal of the population indoors, the electricity demand around the world has been greatly reduced as a result of lockdown and social distancing measures. In areas where industrial operations outweigh domestic energy demand, emissions have fallen by a staggering 20%. 

Global coal demand has been hit the hardest according to the International Energy Agency, which has fallen by nearly 8% when compared to the first three months of 2019. Oil is also down 5% having been hit hard as a result of the reduction in road and aviation transportation, which have both fallen by nearly 50%.

The International Energy Agency states: 

"We explore a scenario that quantifies the energy impacts of a widespread global recession caused by months-long restrictions on mobility and social and economic activity. Within this scenario, the recovery from the depths of the lockdown recession is only gradual and is accompanied by a substantial permanent loss in economic activity, despite macroeconomic policy efforts."

“The result of such a scenario is that energy demand contracts by 6%, the largest in 70 years in percentage terms and the largest ever in absolute terms. The impact of Covid‑19 on energy demand in 2020 would be more than seven times larger than the impact of the 2008 financial crisis on global energy demand.”

"It notes all fuels will continue to be affected in the future – it forecasts oil demand could drop by 9% on average across the year, returning consumption to 2012 levels, with coal demand potentially dropping by 8%."

"While drops in gas and nuclear power demand are expected to accelerate, renewable demand is expected to increase because of low operating costs, preferential access to many power systems and new power systems coming online."

Source: Energy Live News

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